I have always heard that it is viewed as badly as a bankruptcy, I have always questioned this theory because at least you are paying it, but you are still not paying it in accordance to the original agreement, so I can see the train of thought here.
Although a debt management plan may not be viewed as favorably as you want it to be, the fact is, future creditors may view it as a positive sign too. On the one hand it may reflect your inability to manage your finances well while on the other hand, it may reflect your willingness to pay back the amount and not abscond with the money. This may work well with many creditors who may be in the decision making mode as to whether they should give you the loan requested or not.
I have always heard that it is viewed as badly as a bankruptcy, I have always questioned this theory because at least you are paying it, but you are still not paying it in accordance to the original agreement, so I can see the train of thought here.
Hi advisoryline
Although a debt management plan may not be viewed as favorably as you want it to be, the fact is, future creditors may view it as a positive sign too. On the one hand it may reflect your inability to manage your finances well while on the other hand, it may reflect your willingness to pay back the amount and not abscond with the money. This may work well with many creditors who may be in the decision making mode as to whether they should give you the loan requested or not.